………PenCom, Contributors Empowered To Seek Legal Redress

Employers who fail to remit or under-remit pension contributions are strictly liable under Nigerian law, and face limited legal defenses when such matters are brought before the courts, Hon. Justice Olufunke Yemi Anuwe of the National Industrial Court has said.

Justice Anuwe made this assertion in her presentation at the Fourth Forum of Company Secretaries and Legal Advisers in the Pension Industry, organised by the National Pension Commission (PenCom) and held on May 22, 2025, in Abuja.

According to her, one of the most frequently litigated issues in the pension sector involves the non-remittance or under-remittance of pension contributions by employers. “Nigerian courts have consistently upheld the rights of PenCom and pension contributors to initiate legal proceedings to recover such funds. Statutory penalties and interest have also been enforced to ensure compliance,” she stated.

She further said that the courts recognise Pencom’s regulatory authority as central to the administration of the Contributory Pension Scheme (CPS). While courts generally defer to the Commission’s technical expertise, they expect it to act within the limits of its statutory mandate.

Justice Anuwe reminded participants that under Section 210 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), no person entitled to pension or gratuity under any law shall be denied or deprived of such benefits. “It is a constitutional right,” she affirmed, “and pensioners must be paid for the service they have rendered.”

Addressing jurisdictional concerns, Justice Anuwe noted that the National Industrial Court of Nigeria (NICN) remains the appropriate court for pension-related disputes. Judicial precedents have affirmed the NICN’s exclusive jurisdiction as established by the Constitution and the National Industrial Court Act. “This consolidation has helped streamline pension adjudication under one specialised court,” she added.

Commenting on the broader role of the judiciary, she noted that courts have been instrumental in resolving disputes over gratuities, accrued rights, and the transition between old and new pension systems. A key judicial principle, she said, is that the Pension Reform Act (PRA) does not apply retrospectively unless expressly stated. “Contributions and liabilities take effect from the commencement date of the Act,” she explained.

“The judiciary ensures fairness, transparency, and accountability in the interpretation and enforcement of the PRA and its regulations,” she said.
In her welcome address, PenCom Director General, Ms. Omolola Oloworaran, expressed appreciation to Justice Anuwe for her insightful presentation. She said the judge’s legal interpretations continue to illuminate the evolving pension landscape in Nigeria.

Ms. Oloworaran said the Judge’s presence at the Forum offered a valuable opportunity for stakeholders to gain clarity on judicial interpretations of the PRA.

The PenCom DG also underscored the significance of the Forum considering ongoing efforts to strengthen corporate governance within the pension industry and the increasing number of court rulings shaping pension administration in Nigeria.

As part of this year’s International Women’s Day celebrations, the London Business School (LBS) Alumni Community Nigeria hosted a private brunch and fireside chat that placed the spotlight firmly on one of Nigeria’s most impactful business leaders—Dr. Nneka Onyeali-Ikpe, the Group Managing Director and Chief Executive Officer of Fidelity Bank Plc.

Held in Lagos, the event gathered an elite group of C-suite executives from across finance, FMCG, investment, and other critical sectors for a powerful conversation on leadership, resilience, and the shared responsibility to “Accelerate Action,” this year’s global Women’s Month theme. But it was Dr. Onyeali-Ikpe’s presence and insights that set the tone for the day.

As the first female CEO in Fidelity Bank’s history, Dr. Onyeali-Ikpe has not only shattered ceilings but redefined what bold, values-driven leadership looks like in Nigeria’s banking sector. Drawing from her remarkable journey rising through the ranks of a male-dominated industry, she shared personal stories marked by perseverance, strategic thinking, and an unyielding commitment to excellence.

“I have personally never acknowledged the gender glass ceiling in my career—or in anything in my life,” she declared. “When something looks like a barrier, I see it as motivation to go even harder.”

Her words were not merely motivational—they reflected a lived philosophy that has defined her leadership at Fidelity Bank, where she has championed innovation, diversity, and financial inclusion while delivering record-breaking financial results. Dr. Onyeali-Ikpe’s tenure has become synonymous with transformation—not just for the bank, but for the broader financial services industry.

She spoke candidly about the power of discipline, self-belief, and taking calculated risks. “Don’t fear failure. It’s part of the process,” she added. “Every misstep has taught me something that helped me get better.” These insights resonated deeply with attendees, many of whom saw reflections of their own challenges and aspirations in her journey.

But Dr. Onyeali-Ikpe also emphasized the broader dimensions of leadership—particularly the importance of balance in the lives of modern women. “Learning to balance family and career is not just important for business success, it’s important for success in life,” she noted, reminding participants that holistic well-being is a leadership imperative.

A passionate advocate for gender equity, she acknowledged the progress made in the financial sector, pointing out that 11 of Nigeria’s 26 commercial bank CEOs are now women. Still, her call was clear: “That’s progress, but we must not stop there. We want to see that number go to 14, 15, and beyond.”

The London Business School, renowned for producing global business leaders, is home to a vibrant Nigerian alumni community committed to impact. Dr. Onyeali-Ikpe’s conversation was a reminder of the kind of leadership that truly drives change—one that is visionary, courageous, and deeply rooted in purpose.

“I’m truly impressed by the quality of professionals in this network,” she said. “It’s refreshing and inspiring to see so many women leading with excellence.”

In closing, Akintayo Sanwo-Olu, President of the LBS Alumni Community in Nigeria, echoed the spirit of the gathering: “As a community, we’re not just talking about change—we’re building it. At LBS, we are committed to empowering more women to lead across industries and actively changing the narrative around gender and leadership.”

Indeed, in Dr. Nneka Onyeali-Ikpe, the community found not just a speaker, but a symbol of what’s possible when women lead with vision and purpose